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Yes, that is correct. IB is notorious for charging higher than exchange minimums as well as other dedicated futures broker's minimums. Ordinarly, IB intraday margins are 50% of overnight which is well above dedicated futures brokers.
Currently, most dedicated future's brokers are charging 2x intraday initial margins ($500 x 2) or 10% of overnight ($12k x.1 = $1200).
We provide free realtime futures data as well as a free trading platform to funded trading accounts.
Different brokers have different intraday margins. Interactive Brokers and AMP futures are very different firms with very different customer types.
Mike Murphy
Director of Trading
Use Promo Code FUTURES.IO for $0.45 futures commissions, $0.19 micro commissions HERE. *Promotion only available to new customers. Other fees such as exchange and NFA still apply*
Mike Murphy | Director of Trading
Ironbeam Futures
Phone: 312-765-7228 | [email protected]
Recent volatility has required most brokers to up their margins significantly. Before COVID, my Ninja Trader broker would require $50 intraday per MES contract. Lately, it changes in real time, but often the intraday margin is the initial margin, which is $1320 per MES contract. I have to keep a webpage open to check it, and I'll notice it will go to 2X the intraday ($100 per MES).
Funny thing I've noticed, my trading is better when I stay small. These restrictions have actually resulted in an improved performance. With today's volatility you can make $500 to $1000 per day with only 2-3 MES contracts with low risk. Just enter one, and don't add more until you can stay ahead of the trade, and often you need at least a 50 tick SL.